tv [untitled] October 28, 2014 12:00am-12:31am PDT
>> good morning, and welcome to the transbay joint power authority board of director's meeting for thursday october ninth and i want to recognize the staff at sfgov tv who make the meetings available to the public and on-line. >> >> reiskin. >> present. >> harper. >> present. >> kim. >> present. >> and madam chair you do have a quorum. >> thank you. are there any communications today? or, old or new business for the board of directors? >> seeing none, we will move on toit em five, executive
director's report. >> good morning, members of the public we have a number of construction milestones that you will hear about today but i want to highlight the above ground construction and last night the first of the two large cranes arrived and it is located in the access just west of the street and it weighs 2,000 pounds and has 240 feet of boom length and takes 20 truckloads to deliver it and it is going to take three days to assemble and a second crane will arrive in february of 2015, and they will be in operation for 18 months and lifting over 22,000 tons of steel and you are going to hear more about this from steve in a moment. but now that this month marks the completing of the final slab poor for the foundation, and it clears the way for us to start the above ground steel and so we are excited about that and as such, we are going to be hosting the event, on november 7th at 10:30 in the
morning and sending out invitations later today and the event will commemorate and after years of successful excavation, and as well as completing the rail levels it will be the first element of the transit center that will be available to the public we will be sending out invitations later, i want like to ask our chief financial operator to give a bridge financing that we have been mentioning to the board in the past. >> good morning, directors, sarah, and as you know, that we have a 171 million dollar loan, and we anticipate being able to draw down on that loan late next year, 2015, and just as a reminder of the loan is secured by and will be repaid with the net tax increment that is of course, the property tax revenue that generated by the cal transparcel, that are being transferred to the city and
tjpa, and sold for redevelopment under the transbay redevelopment plan. and as you know, of course, two of those parcels have already sold and the sales force tower and block six and three are in the negotiation stages, and block five, 8 and 9 and then once we have completed phase one, two additional parcels will be available on parcel f and block four and we have started to receive the increment from those sold parcels and received our first payment from ocii earlier this summer, for parcel t. and the net tax increment is fully committed to tjpa under the various agreement and there are no further approvals and there are authorizations required for the revenue to flow for the project, and the total revenue that we expect to receive and this is a conservative number but over the 45-year life of the pledge is on the order of about 950
million dollars. and however, as we have previously discussed we do need a cash flow, and so it is a revenue for the early part of 2015, before we can draw down on the tifia loan and so we have been negotiating the financing solution, and we expect that it will be secured by the tax increment as well as some of tjpa real estate, of course, and we anticipate that we will be paying back the financing with the proceeds of the loan when we are able to draw down on that at the end of next year, and we have been working with usdot, cal trans, and ocii and the city and mtc, to make sure that all of the collateral can be made available in a timely manner and we will be coming back to you, in the near future, with final transaction, and or a form of transaction for you to approve and i am happy to answer any questions.
>> are there any questions from board members? >> thank you. >> i would like to ask steve to provide the construction update. good morning, directors, turner construction, providing services for the tjpa and as the executive director pointed out, there are good progress this month and we did, put in place about 28,000 craft hours, and as of last night, all but striping and paving is left on the awss work and so we are out of the water there on mission street. and as far as the schedule, we are still tracking towards the end of 2017, and as we discussed before, we are looking forward to the start of the structural steel here shortly and work on mitigation activities to speed up the election if we can.
and consider what we have discussed before down the road. and this is the slide that we show you each month, and you will see that the trade packages that were approved in last month's meeting on the eleventh of september and representing the mechanical and plumbing, and fire protection, and in there as well as the small change orders, and there is one credit back into the construction as we work on closing out the bse contract. and some changes there, and that worked and did not need to perform. and as far as safety, statistics, i have yet and i have found out now that officially the state and the feds don't actually update the previous years, until the end of the next year. later in this year and early 2015, but relative to safety, there were unfortunately two first aid incident and one last time incident, and this yes, working for the reinforcing steel contractor tripped and
while, trying to catch himself, went down on his wrists and broke his wrist. and so that became a lost time accident and they worked on ways to correct that, and the access makes it difficult to walk on the concourse deck, and they are working so close underneath the bracing and so they worked on ways to distribute the reinforcing steal to direct that. and again, 100,000 hours with 28,000 in the last bit here, another milestone is the lower concourse project and pouring those slabs on tuesday morning of this coming week we will complete all of the lower concourse slabs, through the lessened, and in the course of the director pointed out and the upcoming slab, and the final foundation, and the five foot thick foundation and in the director
mentioned earlier and where you see here in this picture and the pick-uper left-hand corner and the top level of bracing, and the closest to the surface is being moved and rebraced with the third wall, and the third lift wall, and that is where it will remain, until the box is completed and that reinforcing can come out and there is another picture of the train box area also in the central that is being cleaned out and all of the left overs from the shoring and everything, being removed from the walls, and that is a great progress there as the lower concourse and moves, west and east from that location. and that is just, one, ten to 15 foot length, will install, but if you look really carefully, you can see the very first rail, operation in the transbay center there in the